Midas Hospitality, a St. Louis-based company, has acquired a hotel development in Downtown Brooklyn for $34.8 million from developers Hello Living and Aview Equities after it entered bankruptcy without being completed in 2023. The lender Acres Capital had sued to foreclose on the property due to default on a construction loan of $30 million by Aview Equities. Private equity firm Cingulate Group also filed a lawsuit against Abraham Leifer over an unpaid mezzanine loan of $3.5 million for the same hotel.
According to reports from Buffalo Business First, Premier Senior Living (PSL) plans to purchase Eden Heights of West Seneca assisted living facility located at 3030 Clinton St., after Broadview Federal Credit Union foreclosed on the previous ownership group for $8.3 million in 2009 when PSL leased and managed the property.
Southfield Town Center ($70.7 million | 11 .7% of COMM2014-UBS3 ,10 .7%of COMM2014-CR18), with no notable upcoming rollover and reported net cash flow exceeding issuance underwriting by 8%, has been transferred to special servicing ahead of its May2024 maturity as per Morningstar Credit’s report.
The office property at200 W.Monroe St.in Chicago owned by Accesso Partners was purchased in June2014and pays outa coupon rateof4 .67%. However,the$69 .29-millionloanhas defaultedandtransferredtothespecialservicerasreportedbyTrepp.Thepropertywaslastyear68 %occupiedwithnetcashflowlessthan$1millioncomparedtotheinitialamountgeneratedin20145whichisnotenoughtoservicetheloanheldbytwopairsCMBS trusts .
Clinton Square,a Rochester,NYofficeproperty($26 .40million|398 %ofCOMM20I14-CCRE19|CMBX.8),hasbeentransferredtospecialservicingasreportedbyMorningstarCreditafterthelargesttenant,NixonPeabody,gavenoticethatitwouldnotrenewitsleasewhichisduetoexpireinJuly2025.Theservicercommentsthatthetenantisexpectedtovacateits144,982-square-footspace(47 %ofGLA)byAugust2024,samemonthwhentheloanisscheduledtomature.
